Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-06-23
A BIG HOLE FOUND.
EXTRAORDINARY DEVELOPMENTS IN THE
FIDELITY BANK CRASH.


CINCINNATI, June 22.-The papers to
day are full of matter connected in yarious
ways with the Fidelity National Bank
closing
Among other things, is the statement
that Bank Examiner Powell on Monday
afternoon demanded a statement from the
bank, and received one showing q balance
on hand of 81, 100, 900 of cash.
Then, calling for view of this money,
he was amazed to be shown a lead pencil
memorandum reading: Wiltshire, Eckert
& Co., 5000, 1000; ]. W. Wiltshire, $4s, ,OOO,
and so on through long list. TSsre was
no collateral, no security whatevef. Mr..
Baldwin and Mr.. Hopkins were unable to
make any explanation and Mr.. Harper
could offer none.
Even after this, it is said, the offer to
permit the bank to continue was made If
these three men were expelled, and new
capital brought in; but when the inquiry
was made as to how much would be re-
auired, the answer was a 81, 900, 900 at
least. That staggered the directors, and
although they still hoped to form reOr-
yanization, it is most probable that the
fear that further examination would re-
veal further deficit deferred them.
The fact is that Harper concealed
from the directors his connection
with the wheat deal. He is said
to have admitted yesterday that he did
not 20 into the wheat deal himself, but
that he hOnOred an Overdratt for Wiltshire
for $4S, 600, and then put in the rest to
save that. He charges the whole break to
the action of the Chicago Board of Trade
making all wheat regular.
Mr.. Eugene Powell, the Bank Examiner,
is credited with saying that the condition
of the bank is wOful. He said it was sim
gular how Harper had deceived everybody
about the matter. In this connection it
may be recalled that when the wheat panic
occurred in Chicago, aad rumors were out
of run on the Fidelity Bank, Mr.. Harper
stated repeatedly to parties asking for in
formation that he did not know who was
in the wheat deal, and he went so far as to
say he did not believe it was managed at
all in Cincinnati, but 1T was conducted
from California and Cleveland.
More attachments upon Harper's prop.
erty have been made, and everything he
has is now tied up.
Comptroller Trenholm has telegraphed
general instructions to Examiner Powell,
who is in charge of the Fidelity Bank. He
is directed TO receive all payments rendered
him and to push collections of Overdrafts
and maturing paper, but to pay out moth
ing that was in the bank at the time of
failure. Paper maturing and not paid
must be protested and no checks or offsets
are to he allowed. IN fact nothing is to be
done that can await the appointment of q
receiver Remittances to the bank by
mail, and collections made by the Exam
iuer for account of parties not indebted to
the bank and unmatured paper held for
collection and not credited to owners may
be returned or disposed Of as owners di-
rect.
The statement given ont Yesterday by
officials Of the bank, that dep6SUOrs in that
institution would be paid in iuli, was some
what shaken this morning as the affairs of
the collapsed bank became more fully
known, and the general impression is that
this class of creditors will get nothing or
next TO nothing.
There was a small crowd in front of the
bank, this morning, but no excitement,
and to all outward appearance business is
undisturbed. Everything is quiet on Third
street, where most of the banks are located.
The grand total of liabilities range in vary
ing amounts according to different esti-
mates from 100000 to $40, 900, 600; the
assets are supposed to be from two to three
millions less. The trust company is all
right, as it had no connection with the
Jailed firms or bank. So far it is known
that about 81, 500, 900 of the banks funds
were used in the great wheat deal. 1t is
probable the directors of the Fidelity will
bc arrested this afternoon.